Marcus & Millichap Brokers $13 Million Sale Of Development Site In Miami’s Little Havana

Marcus & Millichap announced the sale of Havana River Assemblage, a 79,487-square-foot development site in Miami’s Little Havana neighborhood.

The property sold for $13,250,000.

“Multifamily development site sales continue to be extremely challenging in today’s market,” said Jonathan De La Rosa, senior managing director investments in Marcus & Millichap’s Miami office.

 

“Oversupply, rent compression, elevated construction costs and labor constraints have stalled many transactions across South Florida. This deal took approximately 18 months to get across the finish line and required a creative owner-financing structure to overcome market headwinds.”

De La Rosa, along with Marcus & Millichap’s Eddie Toledo and Matthew Albregts represented the seller. Scott Sandelin represented the buyer, a local private investor.

Located at 606 W. Flagler St., Havana River Assemblage consists of 11 contiguous parcels spanning block to block from W. Flagler Street to SW 1st Street. The development site benefits from multiple points of ingress and egress via W. Flagler Street, SW 1st Street and SW 6th Avenue, providing strong access and layout flexibility for future development.

The property is zoned T6-12-O, allowing a broad mix of uses including high-density multifamily, hotel, retail and office. Current entitlements allow for 274 multifamily units as of right, with the ability to increase density to more than 342 units under Florida’s Live Local Act. Positioned within Miami’s urban core, the site sits about 0.15 miles from the Miami River, 0.4 miles from downtown Miami and 0.6 miles from Brickell, placing it near the region’s primary employment and lifestyle centers.

“Transactions of this scale require deep coordination among our teams, and this deal is a great example of the collaboration that helps our clients achieve successful outcomes,” added De La Rosa.